How to Love LMI as Much as We Do
Actionable strategies grounded in accurate and community-relevant data are the stuff that beautiful relationships between workforce development professionals and their communities are built on. In honour of Valentine’s Day this month, here are three reasons why the MDB Insight team loves the data that comes from Labour Market Information and how it helps to build strong prosperous relationships.
3 Reasons to Love LMI
1. Identifying Gaps with LMI
Gaps in the workforce will always exist in your community. Being able to identify these gaps is the first step to closing them. LMI makes it possible to show our communities the love they need to close those gaps. Whether it is about job vacancies caused by retirement, changing interpretations to salaries and benefits, the changing workplace or specific job-skill requirements, LMI can provide the most current information available.
2. What LMI Tells Us About a Community
LMI not only tells us the makeup of a community's workforce but gives insight into a community's residents and businesses. It allows market researchers to reveal the stories of local communities using numbers, in order to guide where the support should be.
LMI allows workforce development professionals to show love to their communities by showing them:
- Training and education requirements for local jobs
- Locations of businesses that are actively hiring
- Specific skills employers are looking for
- Outside industries that may be looking to invest in communities
- Industries that are actively looking for new employees, and
- Problems preventing those positions from being filled now.
3. The Opportunities LMI Brings
MDB Insight has seen the direct benefits that LMI offers and been part of putting this powerful tool to work with many of our client communities.
Tioga County, NY wanted to prepare for gaps in the workforce proactively before they became an issue. MDB Insight helped Tioga County to remain competitive in a rapidly-changing economy; they ensured that the future workforce of the region would have the skills supply needed to work in hospitality, healthcare, manufacturing, food processing, forest and wood products, professional services, as well as warehousing/distribution.
Lehigh Valley, Pennsylvania determined that there was a gap between the skills needed in the workforce and the actual skills that employees had. To determine the cause of the skills gap, MDB Insight gathered data from manufacturing, business services, life science research, transportation, warehousing, logistics and wholesale, and healthcare. With the data results, Lehigh Valley was able to develop an action plan that could guide their future workforce planning.